Key Highlights
- Strategy acquired 4,871 Bitcoin for approximately $329.9M during April 1-5, paying an average of $67,718 per token.
- This acquisition marks the end of a two-week hiatus that interrupted a consecutive 13-week purchasing pattern in 2026.
- The company’s total Bitcoin reserves now total 766,970 coins, with an average acquisition cost of $75,644 per unit.
- Q1 2026 financial results showed a $14.46B unrealized loss on cryptocurrency holdings, offset by a $2.42B deferred tax advantage.
- Bitcoin prices hovered near $69,589, reflecting a 3.4% increase in the day following the disclosure.
Strategy has renewed its Bitcoin accumulation efforts. In a Monday filing, the company revealed it acquired 4,871 Bitcoin during the period spanning April 1 through April 5, spending approximately $67,718 for each coin in a transaction totaling $329.9 million.
This transaction concluded a two-week hiatus that interrupted what had been a 13-week consecutive purchasing campaign — representing Strategy’s first departure from its regular weekly acquisition schedule this year.
Executive Chairman Michael Saylor hinted at the forthcoming purchase during the Easter holiday weekend. On April 3, he published a post stating “It’s a Good Friday to buy Bitcoin.” Two days later on April 5, he shared a graphic displaying historical purchases with the caption “Back to Work,” featuring the Bitcoin logo in place of the letter “B.”
The acquisition was financed through equity offerings. Strategy sold approximately 2.28 million shares of its variable rate Series A perpetual Stretch preferred stock (STRC), generating net proceeds of $227.3 million during March 30-31. Subsequently, an additional 1.03 million Stretch preferred shares were sold for $102.6 million between April 1-6. The company also divested 593,294 shares of class A common stock, raising $72 million.
Growing Paper Losses on Holdings
Strategy’s aggregate Bitcoin position has reached 766,970 tokens, purchased at a mean cost of $75,644 per coin. This average acquisition price remains significantly higher than current market valuations.
The firm disclosed a $14.46 billion unrealized deficit on its digital asset portfolio for the first quarter of 2026. This was accompanied by a $2.42 billion deferred tax benefit associated with the impairment.
Bitcoin has traded substantially below its late-2025 highs. The cryptocurrency reached peaks above $125,000 before declining to approximately $69,000, pressured by broader technology sector weakness and geopolitical tensions stemming from conflict in Iran.
As of this reporting, Bitcoin had appreciated 3.4% during the preceding 24-hour period, trading at $69,589.
MSTR’s Valuation Versus Bitcoin Holdings
Strategy’s market capitalization compared to its Bitcoin reserves — commonly referred to as its multiple of net asset value, or mNAV — registered at 1.09 on Monday. This indicates investors are currently valuing Strategy at a 9% premium relative to its cryptocurrency holdings.
Should the mNAV ratio decline below 1.0, it would signal that the market values the enterprise at less than the spot value of its Bitcoin reserves alone.
MSTR shares gained 3.9% during Monday’s premarket trading session.
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